Market Watch: Bayfront Builds Good Vibes

 

Longboat Key, Florida | October 16th, 2018 – This early October entering the fourth quarter, our Judy Kepecz-Hays team listed a $1.9 million condo at the Water Club in Longboat Key. This new market entry that we facilitated notably came just a few months since our sale of another luxury residence in this same condominium along with the deal we also closed at L’Ambiance in August.

 

Again, we have reason to believe that there’s more to the vibrant real estate activity we’ve experienced first-hand in recent months. Some major real estate ventures have moved forward in the Sarasota bayfront, promising to generate ripples of added excitement on the local market.

 

New Bayfront Destination

Market Watch: Bayfront Builds Good Vibes - Judy Kepecz-Hays Selling Luxury Real EstateOne of these projects is the 14-acre mixed-use Quay Sarasota adjacent north of the Ritz-Carlton where, incidentally, our team holds the record for the most number of residential condo sales and currently still has a pair of sales listings.

 

The Quay waterfront venture looms as a game-changer in the downtown area, due to its sheer magnitude. It is targeted to house retail space of 189,050 square feet plus office space of approximately 39,000 square feet. Additionally, the Quay is programmed for 175 hotel rooms and 695 luxury condo residences. A maximum of nine buildings as tall as 18 stories has already been approved within this property.

 

$1-Billion Venture

 

Market Watch: Bayfront Builds Good Vibes - Judy Kepecz-Hays Selling Luxury Real EstateThe Quay is a development of GreenPointe Holdings of Tampa, which expects to complete it in seven years at an estimated cost of $1 billion. Work on the Quay’s acreage officially broke ground in May this year, to start off its nine-phase development.

 

A crown jewel of the development is now taking shape in the circa 1925 Belle Haven Apartment building on the Quay’s acreage and listed in the National Register of Historic Places. Described as one of Sarasota’s greatest bayfront buildings, the Belle Haven is being renovated and shall be repurposed for a yet-to-be-defined use.

 

In addition to its commercial and residential components, the Quay will also have a public park with access to the waterfront where docks would also be constructed. Significantly, GreenPointe is also coordinating the Quay project with plans on redeveloping the city property adjacent north of it.

 

More City Attractions Coming

 

A master plan for the redevelopment of this city-owned 53-acre bayfront parcel was approved by the City Commission in September, with the first phase of construction to be implemented as early as 2020. The initial work would entail the construction of a recreational pier on the southern part of the property plus a pedestrian bridge across Tamiami Trail. Development of an outdoor space for art displays and movie showings is likewise included in this first phase.

 

The master plan also envisions several other features within the city’s bayfront property, such as a restaurant, food kiosks, and kids’ play area. Additionally, the blueprint provides for a cultural district that retains the Sarasota Garden Club, as well as the repurposing of the Van Wezel Performing Arts Hall that now stands on the parcel. It is estimated that this entire bayfront redevelopment will take 10‒15 years to complete at a cost of between $250 million and $350 million.

 

Clearly, we are in for still more exciting times in our sales region. Avail of the many opportunities arising on the market as big projects like those in Sarasota’s bayfront roll along. Tap our services whether buying or selling real estate. The Judy Kepecz-Hays team sure can deliver positive results, just like what we’ve done in the deals we’ve successfully arranged just recently.

 

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